NEIB Inc. announces record earnings in 2012

Northeast Indiana Bancorp Inc., the parent company of First Federal Savings Bank, has announced record annual earnings for 2012 - a 40 percent increase over the previous year - as well as record earnings for the final quarter of the year.

"Through the hard work of our staff, the trust from our customers and our dedication to the communities we serve, First Federal Savings Bank was able to achieve record financial results," says First Federal Savings Bank President and CEO Michael S. Zahn.

"In a year in which we celebrated 100 years in business, we were able to implement several transformational changes which coincide with our mission as a community bank. I'm proud of our successes and excited about our future."

NEIB had annual earnings for 2012 of $2.9 million ($2.31 per diluted common share).

This is an increase of $820,000, or 40.3 percent, compared to net annual income of $2 million ($1.65 per diluted common share) for 2011.

Annual earnings for 2012 equate to a return on average assets (ROA) of 1.06 percent and a return on average equity (ROE) of 10.38 percent.

That compares to an ROA of .79 percent and an ROE of 8.13 percent for 2011.

The company also announced record quarterly earnings for the three months ending Dec. 31, 2012, of $913,000 (74 cents per diluted common share) compared to net income of $743,000 (60 cents per diluted common share) for the three months ending Dec. 31, 2011.

The current quarter's earnings equates to an ROA of 1.32 percent and an ROE of 13.07 percent compared to an ROA of 1.13 percent and an ROE of 11.61 percent for the quarter ending Dec. 31, 2011.

The company paid out cash dividends of $919,000 to shareholders during the year ending Dec. 31, 2012. The book value of NIDB stock was $22.53 per common share as of Dec. 31, 2012 as compared to a book value of $21.09 per common share as of Dec. 31, 2011. The number of outstanding common shares was 1,239,946.

The last reported trade of the stock on Feb. 6, 2013, was $17 per common share.